Daily Current Affairs 27 November, 2024 Banking/Finance 1. Moody’s and Fitch take rating action against Adani cos Global Rating Agencies Downgrade Adani Group Companies Moody’s Economic Predictions for India Moody’s Investors Service is a rating agency, which offers credit ratings to Indian investors, assessing issuers’ creditworthiness through ratings on bonds, loans, and other financial instruments over 100 years ago. Projects India’s economy to grow by 7.2% in 2024, 6.6% in 2025, and 6.5% in 2026. Fitch Ratings Inc. Fitch Ratings Inc. is a an American credit rating agency, one of the three nationally recognized statistical rating organizations (NRSRO) by the U.S. Securities and Exchange Commission. 2. EPFO subscribers may soon get ETF fillip Employees’ Provident Fund Organisation (EPFO) to Reinvest 50% of ETF redemption proceeds into equity Source: Business Standard The Central Board of Trustees (CBT) The Central Board of Trustees (CBT) is a statutory body that administers the Employees’ Provident Fund Organisation (EPFO). The board is consist of representatives from the government, employers, and employees. The CBT is established by the Central Government under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The board’s term is five years.  The CBT’s members include: The Employment Linked Incentive (ELI) scheme is a part of the Union Budget 2024-25 aiming to create jobs and improve livelihoods in India. The scheme has three major components: The ELI scheme also includes an internship program to skill 1 crore youth over five years. The program will provide a stipend of Rs 5,000 per month and a one-time assistance of Rs 6,000 to interns.  The ELI scheme is intended to: Ministry: The Ministry of Labour and Employment 3. Govt plans insurance law changes for unified licence & Banking liquidity back in deficit after two months India’s Insurance Law Amendments and Insolvency Concerns Banking system liquidity Banking system liquidity is the amount of cash that banks have in hand to meet their short-term financial and business needs.  4. India signs final act of Riyadh Design Law Treaty; to strengthen IPs India Signs Final Act of Riyadh Design Law Treaty Riyadh Design Law Treaty WIPO Adopts Design Law Treaty (DLT) Also Read: Intellectual property rights (IPR) 5. Government to revamp IFCI IFCI, or Industrial Finance Corporation of India, was established in 1948 to provide finance to industries. It became a Public Limited Company in 1993 and is now government-owned, with the Indian government owning 72% of its paid-up capital. IFCI is a recognized Public Financial Institution and registered with the Reserve Bank of India. 6. Cooperative banks expected to be digitised by March 2025: Nabard chairman National Bank for Agriculture and Rural Development (Nabard) Chairman Shaji K V announces cooperative banks’ digitization by March 2025. “One State-One RRB” Strategy in India Core Banking Solutions Regional Rural Banks (RRBs) Regional Rural Banks (RRBs) are commercial banks in India that were established to support the rural economy. The Government of India established RRBs in 1975 to: RRBs are jointly owned by the Government of India, the concerned State Government, and a Sponsor Bank. The ownership ratio is 50% for the Government of India, 35% for the Sponsor Bank, and 15% for the State Government.  National Affairs 1. Indian Chemical Council Wins 2024 OPCW-The Hague Award 2024 OPCW The Hague Award Confirmed for Indian Chemical Council (ICC) Indian Chemical Council (ICC) President: Mr. Rajen K. Mariwala 2. Number of Gram Panchayats connected by Optical Fibre Cable/Satellite link under the Bharat Net Project BharatNet project is being implemented in a phased manner to provide broadband connectivity to all the Gram Panchayats (around 2.64 lakh) in the country. BharatNet: A Central Public Sector Initiative BharatNet Phase III: Job Creation and Strategy Shift 3. PM-Wani Scheme The Prime Minister’s Wi-Fi Access Network Interface (PM-WANI) framework which aims to accelerate proliferation of internet services by setting up public Wi-Fi Access points in the country with the objective of building digital India and consequential benefits thereon.  PM WANI 4. Centre launches E-Daakhil across all states and union territories of India E-Daakhil Portal Launch in India